Lucapa Applying For Alluvial Mining Lease at Lulo Concession
March 09, 14
(IDEX Online News) – The Lucapa Diamond Company is to apply for an alluvial diamond mining lease over part of the Lulo Diamond Concession in Angola.
The decision to apply for an alluvial mining lease is a result of the high grades and diamond values being achieved by Lucapa from its diamond exploration programs within the 3,000-square-kilometer Lulo concession, the firm said in a statement.
The mining lease application (MLA) will cover an area of an estimated 218 sq kms and will include the recent alluvial and terrace deposits next to the Cacuilo River.
Based on the data available, the Exploration Target sought by Lucapa comprises about five million cubic meters of alluvial gravel with an average grade of 10 carats per hundred meters. This would generate 500,000 carats with an estimated per carat value of $500, the explorer said.